Mei Ah Entertainment Group Limited — Capital/Financing Update 2008

Feb 4, 2008

ANNOUNCEMENT ON CONVERSION OF CONVERTIBLE NOTES

The Company made this announcement pursuant to paragraph (i) under the heading “Dilution effect on the shareholders” of the Announcement and the Circular.

Reference is made to the Company’s announcement dated 29 June 2006 (the “Announcement”) and circular dated 19 July 2006 (the “Circular”). The Company made this announcement pursuant to paragraph (i) under the heading “Dilution effect on the shareholders” of the Announcement and the Circular. Unless the context herein otherwise requires, terms used in this announcement shall have the same meanings as in the Announcement and the Circular.

The Company would like to report that it has not received any notice of exercise of the conversion rights attached to the Notes in the aggregate outstanding principal amount of HK$30,000,000 during the month of January 2008.

There were no new shares issued during the month of January 2008 pursuant to other transactions, including new shares issued pursuant to exercise of options under the share option scheme of the Company.

As at 1 January 2008 and 31 January 2008, the issued share capital of the Company was HK$98,209,091, divided into 982,090,905 shares of HK$0.1 each.

This announcement is only released through the website of the Stock Exchange of Hong Kong Limited and no publication in the newspapers is made.

As at the date of this announcement, the executive directors of the Company are Mr Li Kuo Hsing, Mr Tong Hing Chi and Mr Chau Kei Leung, the non-executive directors are Mr Hugo Shong and Mr Chan Ngan Piu and the independent non-executive directors are Ms Wang Huarong, Mr Cheung Ming Man and Dr Lee G. Lam.

On Behalf of the Board

Tong Hing Chi

Director

Hong Kong, 4 February 2008